Unemployment rate dips as Canada gains 48,300 jobs

Posted by Richard Kitts on Fri, Feb 10, 2017 @11:52 AM

Richard Kitts..Great news on the job numbers and hopefully this will continue as mortgage rates remain low, oil prices begin to increase and consumer confidence slowly rising.    Kitchener Waterloo Cambridge jobless rate increased slightly from 5.0 to 5.2, however it is still much lower than the National Average of 6.8%.    

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, statistics canada, mortgage broker KW, Canadian unemployment rate, Canadian labour market

Federal watchdog is investigating complaints banks are signing customers up for credit cards without proper consent

Posted by Richard Kitts on Mon, Feb 06, 2017 @12:32 PM

Canada’s financial consumer agency is investigating complaints that banks are signing up customers for credit cards without their express consent.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, Credit Cards, The Mortgage Centre, mortgage broker KW, Canada's Banks, FCAC, Canadian Bankers Association., Financial Consumer Agency of Canada

Canadian housing affordability deteriorates further: RBC report

Posted by Richard Kitts on Thu, Feb 02, 2017 @02:56 PM

This backs up that the Kitchener Waterloo housing market is set for another good year.   If affordability is a concern, the only way to get into the market is to look at the lower priced markets outside of the GTA. 

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, Canadian housing market, down payment, B.C. Governement

Amid uncertainty over Trump, U.S. Federal Reserve leaves key rate unchanged

Posted by Richard Kitts on Thu, Feb 02, 2017 @12:17 PM

Some think Fed may put off rate increases until more is known about president's agenda

The U.S. Federal Reserve has left its key interest rate unchanged at a time of solid economic gains but also heightened uncertainty surrounding the new Trump administration.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, interest rate, mortgage broker KW, U.S. economy, Inflation, GDP, U.S. Federal Reserve

Unprecedented year for home sales in Waterloo region

Posted by Richard Kitts on Wed, Feb 01, 2017 @02:23 PM

There were a total of 6,655 residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2016. That’s a thousand more units than sold in 2015, amounting to an increase of 18.1 percent and setting a new record for total annual sales.

Dollar volume of all residential real estate sold last year increased 30.9 percent to $2,578,176,468 compared with 2015.

“2016 was marked by unrelenting demand for homes, in the face of fewer homes being put on the market,” said James Craig, President of the KWAR. There were 8,003 residential listings processed through the KWAR’s MLS® System in 2016, a decrease of 9.7 percent compared to 2015.

“For the past several months we’ve seen the number of months of inventory ranging between a ten-year low of 1 and 2 months,” says Craig. “While this puts sellers in a very strong position, it’s not so easy when those same sellers need to downsize or move-up.”

The average sales price of all residential properties sold in 2016 increased 10.8 percent to $387,404 in comparison to 2015.  Detached homes sold for an average price of $451,738 an increase of 12.5 percent, while the average sale price for an apartment style condominium was $229,676, an increase of 3.6 percent.  Townhomes and semis sold for an average of $287,396 (up 9.9 percent) and $300,806 (up 11.8 percent) respectively.

Home sales in 2016 included 4,203 detached homes (up 16.3 percent from 2015) and 1,511 condominium type units (up 28.1 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 430 semi-detached homes (up 6.2 percent) and 430 freehold townhouses (up 7.2 percent).

Craig says that he expects demand for home purchasing in 2017 will continue to be strong. “There is no smoking gun to explain the current market. Mortgage rates remain low, inducing more consumers to get into the market. We have an extremely attractive community, with a growing population and diverse economy bringing in new residents to the region. Home prices remain affordable when compared to the average GTA prices.”  Adding, “The challenge is inventory levels remain low, as homeowners are staying in their homes longer and some who might have otherwise moved up are choosing to avoid the hot market. What I hope to see is more balance returning to the market, because I sure don’t see the appetite for home ownership in Waterloo region letting up anytime soon.”

Board & Association Information

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. With a REALTOR® at your side, you can have all the facts you need to make an informed decision.

The Kitchener-Waterloo Association of REALTORS® (KWAR) is a member focused not-for-profit Association representing over 1,200 local REALTOR® members. The Association was formed in 1937 and continues to provide a robust Multiple Listing Service® (MLS®) System, continuing education, and related services to its members. The term REALTOR® is a trademark identifying members in good standing of CREA who provide real estate brokerage services in compliance with CREA's By-Laws and Rules, the REALTOR® Code, and in compliance with all applicable federal and provincial laws and regulations. The MLS® trademark is also owned by CREA and is used by the KWAR under license. The MLS® Marks identify professional services rendered by members in good standing of CREA to effect the purchase and sale of real estate as part of a co-operative selling system (the "MLS® services"), in compliance with CREA's By-Laws and Rules, the REALTOR® Code, and in compliance with all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and co-operation amongst REALTORS® to affect the purchase and sale of real estate.All of KWAR's listings may be found on the public website: www.REALTOR.ca.

Visit external site

President
Charlotte Zawada

For more information,
please contact:

(519) 576-1400
inquiries@kwar.ca

View article here>>

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, CREA, mortgage broker KW, KWAR, record home sales, MLS

Ontario gives rebates to first-time buyers, penalizes wealthy and leaves out foreigners

Posted by Richard Kitts on Wed, Jan 18, 2017 @12:46 PM

This is great news and will hopefully more than offset some of the additional CMHC premiums commencing March 17th.

$4,000 rebate will go a long way for a  First Time buyer in Kitchener Waterloo and will continue to keep the First Time Buyers in the market.  

Richard Kitts, AMP
President/Mortgage Broker | Tristar Funding Corporation o/a The Mortgage Centre
Licence Number: M08002010

First-time homebuyers’ break on the land transfer tax will double under a new proposal by the Ontario government, but wealthy purchasers will pay the price once new land transfer rules come into effect Jan. 1, 2017.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, first-time homebuyers, The Mortgage Centre, mortgage broker KW, land transfer tax

CMHC to Increase Mortgage Insurance Premiums

Posted by Richard Kitts on Tue, Jan 17, 2017 @03:39 PM

Thought I would pass this along if you were thinking of moving or if you have friends, family or clients that are thinking of purchasing.

CMHC to Increase Mortgage Insurance Premiums by March 17, 2016.  However,  we can still get the old premium as long as we get an offer to purchase before March 17th, 2017

Please contact us anytime!

Richard Kitts, AMP
President/Mortgage Broker | Tristar Funding Corporation o/a The Mortgage Centre
Licence Number: M08002010

 

OTTAWA, January 17, 2017 — CMHC is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. For the average CMHC-insured homebuyer, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, OSFI, mortgage insurance premiums, CMHC, The Mortgage Centre, mortgage broker KW, Canadian housing market, down payment

Higher mortgage rates? They’re already here, and they hurt

Posted by Richard Kitts on Tue, Jan 17, 2017 @12:37 PM

We’re starting to get a picture of what mortgage rate increases do to household budgets.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, first-time buyers, Canada's mortgage market, The Mortgage Centre, mortgage broker KW, Mortgage Rates, house prices

Real estate forecast: No signs of market's rapid growth stalling

Posted by Richard Kitts on Fri, Jan 06, 2017 @01:28 PM

Wow, 18.1% average growth in  Kitchener, Waterloo, Wellesley, Wilmot and Woolwich.  

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: mortgage broker kitchener waterloo, The Mortgage Centre KW, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, Canadian housing market, KWAR, The Toronto Real Estate Board

Another record breaking month of sales in November

Posted by Richard Kitts on Tue, Jan 03, 2017 @02:44 PM

Home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), totalled 535 last month, an increase of 27.1 percent compared to November of 2015, marking another record breaking month for residential properties sold in Kitchener-Waterloo and area.

November’s sales included 352 single detached homes (up 34.4 percent compared to November 2015) and 118 condominium type units (down 22.9%) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 45.5 percent) and 28 freehold townhouses (down 20 percent).

Record breaking sales are also being tallied on a year-to-date basis with 6,352 residential transactions compared to 5,341 during the same period in 2015, representing an increase of 18.9 percent. “Year-to-Date Sales to the end of November have now exceeded any previous end-of-year totals on record,” says James Craig, president of the KWAR. He points out that in 2007, sales to the end of the year exceeded 6,000 units for the first time, and haven’t hit that high-water mark again, until now, an entire month earlier.

Inventory levels on the other hand, remain stubbornly low. In their October release, the Canadian Real Estate Association stated that, “the tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region is without precedent (including the GTA, Hamilton-Burlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and nearby cottage country).”

As of the end of November, the KWAR’ MLS® System only had 565 active residential listings on the market, down 23.1 percent compared to the previous month, and 60.8 percent below the same period last year.

The average price of all residential properties sold in November was $411,602 a 15.5 percent increase over 2015. Detached homes sold for an average price of $473,104, an increase of 13.9 percent compared to November 2015. During this same period, the average sale price for an apartment style condominium was $209,360, a decrease of 8 percent. Townhomes and semis sold for an average of $310,151 (up 14.8 percent) and $330,534 (up 27.7 percent) respectively.

“With a notable shortage of inventory, many properties are selling above list price,” said Craig. “This is because you have many buyers competing for fewer properties, and this is pushing up the average price.”

The median price of all residential properties sold in November increased 18 percent to $377,500, and the median price of a detached home during the same period increased 16.4 percent to $425,000.

Important information

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. With a REALTOR® at your side, you can have all the facts you need to make an informed decision.

The Kitchener-Waterloo Association of REALTORS® (KWAR) is a member focused not-for-profit Association representing over 1,200 local REALTOR® members. The Association was formed in 1937 and continues to provide a robust Multiple Listing Service® (MLS®) System, continuing education, and related services to its members. The term REALTOR® is a trademark identifying members in good standing of CREA who provide real estate brokerage services in compliance with CREA's By-Laws and Rules, the REALTOR® Code, and in compliance with all applicable federal and provincial laws and regulations. The MLS® trademark is also owned by CREA and is used by the KWAR under license. The MLS® Marks identify professional services rendered by members in good standing of CREA to effect the purchase and sale of real estate as part of a co-operative selling system (the "MLS® services"), in compliance with CREA's By-Laws and Rules, the REALTOR® Code, and in compliance with all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and co-operation amongst REALTORS® to affect the purchase and sale of real estate.All of KWAR's listings may be found on the public website: www.REALTOR.ca.

Visit external site

President
Charlotte Zawada

For more information,
please contact:

(519) 576-1400
inquiries@kwar.ca

View article here>>

Read More
Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, CREA, mortgage broker KW, KWAR, MLS